-Feb-
13
Time vs. Money: Which is More Valued by Society? Which is More Valuable to You? (Technorati) Technorati | (Del.icio.us) Del.icio.us | (Digg) Digg | (Blinklist) Blinklist | (Comment) Comments (2)

A wise person once said that time is money. In many ways that’s still true today. People are paid on an hourly basis and most companies rate their employees as part-time or full-time, based on the number of hours they work each week. We pay rush charges for packages that are delivered quickly and fees for movies we return late. But when looking at time and money - is one more important than the other?

Retailers often charge extra for goods or services that are intended to make our lives easier – like dry cleaning delivered to our houses, bottled water or pre-chopped, pre-cleaned lettuce for our salads. In this hectic day and age, many people are willing to pay for these conveniences. For some, anything that saves time or puts a few minutes back into their day is worth the additional costs associated.

On the other hand, those willing to spend a little extra time can often save or earn a great deal of money. When shopping, those that take the time to compare prices among stores or clip coupons can save significant sums. Those that work overtime or devote time to researching sound financial investments can also turn their time into additional money. For these folks, the extra hours they spend working or thinking carefully about purchases and investments can result in money earned or saved.

Despite the two sides to this coin, there are many similarities between time and money. Both are saved. Both are spent. Both are in demand. And it seems that both are always in short supply. But which is more valued?

On a personal level, with the constant struggle to balance both our checkbooks and our date books, it comes down to our values. Are we willing to sacrifice our valuable time (time we could spend with family, relaxing or pursuing hobbies) to earn or save more money? Or are we willing to spend the valuable money we work so hard to earn (and certainly don’t want to waste thoughtlessly), to buy additional time?

On a societal level, it comes down to the same two questions but in this case the answers are based on the collective values of our population, as well as the demands we’re facing as a group. Interestingly, it often seems that despite the fact that society represents a collection of people, its values are not inline with, and perhaps even a direct contradiction to, those of the individual.

For most of us it’s not one or the other, but a constant struggle to find the balance between our time and our money. But where does your balance lie? Would you really say it’s 50/50? Where do you think society’s balance lies?

22Dollars - Personal Wealth Management
Stock Quotes and Growing Personal Wealth by Managing Your Own Money! 22dollars is your online source for investment ideas, stocks analysis, business and other worldly issues. Geared towards the young professional, 22Dollars is written by successful young professionals who are ambitious and driven to succeed in life, cause in the end - no body cares more about your money than you.
Article by Katherine Binsack | Subscribe via RSS | Join Club22 Free

2 Comments - Post your comment below.


Chad
Feb. 13, 2008

Wow Katherine - you really know how to get the wheels turning. You present both sides of the topic extremely well and now leave myself struggling to decide which is more important to myself. What I found was that some people (myself included) actually enjoy spending their time making money. I would almost consider making money (and finding new ways to make money) one of my favorite hobbies. Whether it is through investing in the stock market or designing websites for my clients - it is both the process, reward and fiscal conversations with colleagues that often follow that I so much enjoy.

Now to say that I value that over spending time with my family would be an overstatement and again is testament to your very well written article. How would you classify all the countless hours that I have spent with my brother talking about money and the joy we both get out of not only the time spent together but also the financial topics at hand? Haha. I will also be curious to hear what others have to say.

All the best,
Chad


Katherine
Feb. 13, 2008

That's a good point, Chad, and one that I hadn't thought about. Managing money/studying the stock market is a hobby for many people - particularly those that follow 22Dollars.com.

You lead us onto a good topic. If you can find things you like spending time on that also happen to make you money (whether that's your career or things you do in your spare time) maybe you can have the best of both worlds and find a balance after all!

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